Korean Supreme Court Reaffirms Prior Ruling on Illegal Search Warrants
Recently, the Korean Supreme Court held that the seizure is unlawful if a government investigator only shows the cover page of a warrant when seizing an item, such as a mobile phone from a suspect, despite the suspect's request to see the other parts of the warrant.¹
This decision is in line with the Supreme Court's more recent trend of requiring stricter abidance of the criminal procedures.
April 28, 2020
COVID-19 : Government Measures to Compensate Landlords and Tenants
1. Government Order to Close or Shut Down Premises
A) Compensation Available under the Infectious Disease Control and Prevention Act (IDCPA)
April 22, 2020
Korea's Tariff & Trade Policy Responses to Mitigate Impact of COVID-19
With the continued spread of COVID-19 and the severe impact on the global economy, here in Korea, the domestic supply of personal hygiene and healthcare products is dwindling (e.g, face masks and hand sanitizers). Both exporters and importers in Korea have been significantly impacted.
In response, the Korean government has tightened the regulation on the supply and demand of healthcare products. Further, the government is in the midst of developing policies to support exporters and importers, mainly through tax relief measures, and the government is expected to announce additional support programs.
April 8, 2020
Amended Act on Reporting and Using Specified Financial Transaction Information Now Governs Virtual Assets
The amendment to the Act on Reporting and Using Specified Financial Transaction Information (hereinafter, the Specified Financial Information Act), which defines cryptocurrency as a virtual asset and focuses on a reporting system for cryptocurrency exchanges, was ratified in the National Assembly's plenary session on March 5, 2020.
March 18, 2020
Act on Reporting & Use of Specific Financial Information Amended – Key Implications
Despite the high risks for misuse of virtual asset transactions for money laundering and terrorist financing, there has been an absence of legal framework to prevent such risks in Korea due to the anonymity of virtual asset transactions.
March 18, 2020
Korean Commercial Code Amended to Require Greater Transparency by Listed Companies When Convening General Shareholders Meetings
On January 29, 2020, the amendment to Article 31(3) of the Korean Commercial Code became effective, specifying what listed companies must include in its notification to shareholders when convening an annual meeting for the purpose of appointing directors and auditors (or audit committee members).
March 11, 2020
Recent Decision by the Tax Tribunal Regarding Application of the Flat Tax Rate to Foreign Employees
Application of the flat tax rate to “a foreign employee who worked in Korea for a period which ended before January 1, 2014, and recommenced working in Korea after January 1, 2014” Lee & Ko recently obtained a favorable decision from the Tax Tribunal regarding a foreign employee who: (1) worked in Korea for a period of time which ended prior to January 1, 2014; and then (2) returned to Korea and started working in Korea again after January 1, 2014.
March 11, 2020
Legislative Development – Key Implications for Substantiating General Shareholders Meeting of Listed Companies
On January 29, 2020, the Enforcement Decree of the Korean Commercial Code (the Amended EDCA) was promulgated.¹
The Amended EDCA concerns improvements to corporate ownership and governance as a key challenge to be addressed as part of the plan for rapid achievement of a fair economy, which was announced by the ruling party and the Korean government after mutual consultation.
March 4, 2020
Brexit: The Imminent Crisis in the EU-UK Trade Negotiations and the Implications for Korea
It seems the UK is finally leaving the European Union (EU) – some six years after Prime Minister David Cameron promised a referendum on the UK's membership, and more than three years after the country voted to leave. As the House of Commons (the UK parliament) has finally approved the withdrawal agreement – after two failed attempts and two changes of government – Brexit has finally happened on January 31st. Or so we are led to believe.
March 4, 2020
Implementation of Pre-approval System for Cross-border M&A for Companies with National Core Technology
The Act on Prevention of Divulgence and Protection of Industrial Technology (the Act) provides for the protection of national core technologies held by Korean companies, research institutes, professional institutions and universities (each a Protected Entity) and prevention of their leakage.
Feb. 26, 2020
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Items You Might Have Missed
New KBLA Tools for Business Warriors
One of the driving goals of KBLA in 2020 is to create and offer new tools to aid each member of the KBLA community in accomplishing their business goals.
We have a list of new, exploratory tools to bring out over the course of the year, all of which fall into one or more of three categories that mesh with the KBLA’s overall mission.
Oct. 29, 2019
A New KBLA for 2020
There are many changes coming to KBLA in 2020. We hope you’ll stay with us and experience all we have lined up. We think this is going to be the best iteration yet. Joining KBLA is a chance to support real change among business communities in Korea.
Nov. 19, 2019
Why Does KBLA Exist?
Korea needs foreign participation in the domestic economy like never before.
The world is changing and Korea is changing. Korea has new and existing challenges in rapidly weakening demographics, highly concentrated market structure, increasing protectionism, rising export similarity among competitors, low productivity growth, low domestic investment levels, and the rising importance of services. Most, if not all, of these things can be overcome through increased participation of the global business community in the Korean economy.
Nov. 24, 2019
It’s 2020, Do You Know Where Your Meeting Attendees Are?
We know one thing: they are not at your meeting. That’s because in-person meetings aren’t what they once were: the only game in town. In 2020, along the curve of value for cost, meetings are are not just at the low end, they are downright abysmal.
Dec. 24, 2019
Act on Online Investment–Linked Financing and User Protection (aka P2P Financing Act) Promulgated on November 26, 2019
The Act on Online Investment–Linked Financing and User Protection (the P2P Financing Act) passed the plenary session of the Korean National Assembly on October 30, 2019 and was promulgated on November 26, 2019.
Jan. 8, 2020